All posts by Colin Robertson

Federal Home Loan President Slams Mortgage Brokers

September 5, 2007 No Comments »

In a CNBC interview aired just minutes ago, Federal Home Loan Bank of New York President Alfred Dellibovi spoke about the current lending environment. He spoke of prior housing crises, while praising community banks and bashing mortgage brokers. Par for ... Read More »

FDIC See 1.5 Million Unable to Make Mortgage Payments

September 5, 2007 No Comments »

At a hearing today, FDIC Chairwoman Sheila Bair told the House Financial Services Committee that 1.5 million homeowners would be unable to make their mortgage payments when their loans reset in the coming months. Bair is referring to the many ... Read More »

Ditech Real Life Plan

September 3, 2007 No Comments »

Every once in a while I’ll see a mortgage program advertised on TV and examine the product to see if it makes any sense for homeowners. The latest I’ve seen is the Ditech “Real Life Plan”, which is a combination ... Read More »

First Magnus Financial Lawsuit Website Launched

August 30, 2007 No Comments »

A website has just been created, presumably by former First Magnus employees and/or lawyers, dedicated to launching a class action suit against the bankrupt mortgage lender for failing to pay out final wages and commissions. The website, “Sue First Magnus ... Read More »

Option One Mortgage May Cease Operations

August 30, 2007 No Comments »

Option One Mortgage Corp., the subprime residential home lending arm of H&R Block, may cease operations amid heavy losses. H&R Block said last night that it might shut down Option One’s lending operations, and later sell the “quite valuable” loan ... Read More »

Countrywide Hints at Demise of Wholesale

August 29, 2007 No Comments »

I’ve just been informed about an e-mail sent by Countrywide to brokers today regarding the current state of affairs in the mortgage industry. The e-mail opens by stating that the current market environment is the most difficult period in the ... Read More »

Indymac Scoops Up 90 American Home Branches

August 29, 2007 No Comments »

Indymac is on the move again, announcing that it will take over 90 American Home Mortgage branches and hire about 850 of its former employees to build up its retail side. The announcement signals a move to exit the wholesale ... Read More »

Lexington Lending Halts Wholesale Operations

August 28, 2007 No Comments »

This news is somewhat delayed, but it doesn’t seem to be anywhere on the web, in the news, or on any blog. Not quite sure how it went under the radar so long. In an announcement directly from the Lexington ... Read More »

Allstate Home Loans Shut Down After Buyout

August 27, 2007 No Comments »

Allstate Home Loans, DBA Allstate Funding, which was bought out by Shearson Financial in August of 2006, has apparently ceased wholesale and retail lending operations and is in the process of being shut down completely. According to information I received ... Read More »